Lawsuit Filed Against J.P Morgan Chase For Charging More Fees On Crypto Buyers

Reuters Report

J.P Morgan Chase & Co, which is a leading world financial service provider and also the largest banking organization based in the US, was sued due to the fact that it used some undeclared fees to the users to be involved in credit card purchase of cryptocurrency. Therefore, it means that they treat the purchases just as cash advances. This is according to Reuters report.

On Tuesday, a lawsuit was filed in the federal court based in Manhattan in place of the proposed nationwide class. They were seeking to accuse the bank of charging more fees than the normal, high-interest rates for the cash advances and also because they refused to refund the customer charges who were involved in a complaint.

Therefore, the plaintiff, Brady Tucker made claims that the bank charged him a total of $143.30 as fees and also an interest of $20.61 for the crypto charges using the chase customer service line. However, the bank refused.

Therefore, the lawsuit comes with a claim that J.P Morgan Chase and Co was involved in the violation of the US Truth in Lending Act. This required disclosure of the changes in the policy to the users usually in a written format.

The lawsuit, therefore, claims to;

“recover [Tucker’s] and the Class’s actual financial damages, plus statutory damages in the aggregate amount of $1 million, plus his costs of this action and reasonable attorneys’ fees and expenses incurred therein.”

This is in accordance with the complaint with was presented in the court.

Therefore, on Feb 3, chase then was involved in joining various banks which banned the customers from the various crypto purchases using the credit card. Therefore, the bank then said that the major banking institutions could “face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies.”

J.P Morgan & Co representative refused to make a comment regarding the legal claim. Therefore, they stated that the customers would then continue to use their credit cards linked with the chase in the purchase of cryptocurrencies.